Illinois General Assembly - Illinois Compiled Statutes

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735 ILCS 5/13-116

(735 ILCS 5/13-116) (from Ch. 110, par. 13-116)

Sec. 13-116.

Lien of mortgage, trust or vendor's lien.

(a) The lien of
every mortgage, trust deed in the nature of
a mortgage, and vendor's lien, the due date of which is stated upon the
face, or ascertainable from the written terms thereof, filed for record
either before or after July 16, 1941, which has not ceased by limitation
before July 16, 1941, shall cease by limitation after the expiration of
20 years from the time the last payment on such mortgage, trust deed in
the nature of a mortgage, or vendor's lien became or becomes due upon
its face and according to its written terms, unless the owner of such
mortgage or vendor's lien, or the owner or trustee of such trust deed in
the nature of a mortgage either

(1) Before July 16, 1941, and within such 20 year period has filed
or caused to be filed for record an extension agreement showing the time
for which the payment of the indebtedness is extended, and the amount
remaining unpaid on such indebtedness; or

(2) After July 16, 1941, and within such 20 year period or within
one year after July 21, 1947, provided the due date of the instrument
was more than 19 years before July 21, 1947, files or causes to be filed
for record, either (i) an affidavit executed by himself or herself
or by some
person on his or her behalf, stating the amount or amounts claimed to be unpaid
on the indebtedness secured by such mortgage, trust deed in the nature
of a mortgage, or vendor's lien; or (ii) an extension agreement executed
as hereinafter provided.

(b) The lien of every mortgage, trust deed in the nature of a
mortgage, and vendor's lien, in which no due date is stated upon the
face, or is ascertainable from the written terms thereof, shall cease by
limitation after the expiration of 30 years from the date of the
instrument creating the lien, unless the owner of such mortgage or
vendor's lien, or the owner or trustee of such trust deed in the nature
of a mortgage, within such 30 year period or within one year after July
21, 1947, provided the date of the instrument was more than 29 years
before July 21, 1947, files or causes to be filed for record either (1)
an affidavit executed by himself or herself or by some person on his or her behalf,
stating the amount or amounts claimed to be unpaid on the indebtedness
secured by such mortgage, trust deed in the nature of a mortgage, or
vendor's lien; or (2) an extension agreement executed as hereinafter
provided.

The filing for record of an affidavit provided for by this Section,
within such 20 or 30 year period or one year period, as the case may be,
shall extend the lien for a period of 10 years after the date on which
such lien would cease if neither an affidavit nor extension agreement
were filed, and no more, and a subsequent affidavit filed within the
last 10 year period of the lien, as extended, shall extend the lien for
an additional 10 year period, and no more, but successive affidavits may
be filed, each extending the lien 10 years.

The filing for record of an extension agreement within such 20 or 30
year period or one year period, as the case may be, whether before or
after July 16, 1941, shall extend the lien for 10 years from the date
the final payment becomes due under such extension agreement, and no
more, but subsequent extension agreements filed before the lien, as
extended, ceases, shall extend the lien for an additional 10 year period
from the date the final payment becomes due under such extension
agreement, and no more. The filing of an extension agreement shall not
be construed in any way to cause the lien to cease before it would cease
if neither an extension agreement nor an affidavit were filed.
Affidavits may be followed by extension agreements, and extension
agreements may be followed by affidavits.

An extension agreement executed after July 16, 1941, to be effective
for the purpose of continuing the lien of any mortgage, trust deed in
the nature of a mortgage, or vendor's lien shall show the time for which
the payment of the indebtedness secured thereby is extended and the
amount remaining unpaid on such indebtedness, and shall be executed and
acknowledged by the owner of the mortgage, trust deed in the nature of a
mortgage, or vendor's lien, or someone on his or her behalf, and by one or more
persons representing himself, herself or themselves to be the then owners of
the
real estate. The affidavit or extension agreement shall be effective
only as to the lands within the county or counties wherein such
affidavit or extension agreement, or a copy thereof, is filed for
record.

When a corporation is the owner or trustee of any such mortgage,
trust deed in the nature of a mortgage, or vendor's lien, the affidavit
herein described shall be deemed effective for all purposes under this
Section when it has been executed by any officer of such corporation, or
by any person authorized by the corporation to execute such affidavit.

The Section shall apply to mortgages, trust deeds in the nature of
mortgages, and vendor's liens on both registered and unregistered lands.
"Filed for record" or "the filing for record" as used in Article XIII
of this Act means
filing in the office of the recorder in the county in which the
lands are situated, if such lands are unregistered, or in the office of
the registrar of titles for such county, if such lands are registered.
Nothing herein contained shall be construed to revive the lien of any
such instrument which has expired by limitation before July 16, 1941.

(Source: P.A. 83-1362.)